• Thu. Feb 29th, 2024

Apecoin’s Potential 100% Upside Breakout Vs. Tron’s 12.3% Price Plunge Amid SEC Charges

Megan Ford

ByMegan Ford

Mar 23, 2023

Crypto has been on the rise since the start of the year. However, most coins have been on an uptick lately due to the current banking crisis. With that in mind, many crypto assets may continue to see sharp upticks in the coming weeks, especially with investor sentiment souring against fiat.

Apecoin’s Price Potential for a 100% Upside Breakout

Apecoin’s price is currently at a junction after exchanging hands within a symmetrical triangle on the daily chart. As a result, Apecoin is in a neutral formation and relies on a breakout to determine the altcoin’s next move.

The altcoin’s pattern has two highs and two lows. When connected, the two indicators converge, and the symmetrical triangle mentioned earlier forms. The pattern is wide initially, but as time flows, it narrows exponentially. The trajectory will heavily rely on a valid breakout that will see the Apecoin price soar.

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The coin is trapped in the neutral formation and is changing hands at $4.068 at the time of the press. However, an increase in bullish pressures from the current psychological level could see the breakout happen in the next week, and the altcoin could break the upper barrier. If this breakthrough happens, the price could soar to a staggering 100% to hit the bullish $8,300 resistance.

Given the current trends in the crypto market, the boom could be viable, with the altcoin providing better returns than BTC and ETH. However, for Apecoin to hit the target, the altcoin must confront the 50-day and 100-day EMAs currently hovering at $4.709 and $4.774, respectively.

If the altcoin breaks above the EMA, it could see it fight the $4.994 resistance level and later target the 20-day EMA at $5.220. Finally, in a bullish scenario, the altcoin could breach the $6,000 barrier before hard targeting the double at $8,300, finishing the 100% ascent from the current levels.

The target for the coin is to equal the distance between the high and low in the earliest pattern applied at the breakout point. However, if the bears win the day, the price of Apecoin could move below and consolidate under the current pattern in the $3.557 support level before tagging the $2.993 support level. In a very extreme case, we could see the altcoin price do a 100% reversal.

Tron’s Price Plummets Over 12.3% Amid SEC Charges Against Founder Justin Sun

The price of Tron is currently on a downward trend following regulatory pressure from the SEC on its founder, Justin Sun, and his three fully-owned companies, which include Tron Foundation, Rainberry, and BitTorrent Foundation.

The SEC is accusing Justin’s companies of selling unregistered Tron and BitTorrent equities and manipulating Tron’s secondary market through wash trading. Additionally, the SEC alleges that the founder may have used celebrities like Lindsay Lohan and DJ Khaled to promote the Tron ecosystem.

Tron investors responded to the news by selling, causing the altcoin to shed over 12.3% and dip to $0.0587. As a result, TRX lost three support levels, the 50-day, 100-day, and 200-day EMAs. The convergence of the 10-day and 200-day EMAs is now at a critical resistance level.

For Tron to see sustained recovery, it needs to breach the EMAs. Otherwise, the cryptocurrency could dip further to hit $0.0572 and possibly even dip to its 2022 lows at $0.0518.

Megan Ford

Megan Ford

Megan Ford is an accomplished news writer with a talent for capturing the essence of a story. With a keen eye for detail and a dedication to accuracy, her articles provide readers with a captivating and well-rounded perspective on current events.

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